MIRA INFORM REPORT
|
Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOSHAN HUAXING THERMOS CO., LTD |
|
|
|
|
Formerly Known
as: |
Nanhai Huaxing Thermos Co., Ltd. |
|
|
|
|
Registered Office : |
No. 41 Baiye Avenue, Xiqiao Technology
Industrial Park, Xiqiao Town, Nanhai District, Foshan, Guangdong Province,
528211 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
09.01.2002 |
|
|
|
|
Com. Reg. No.: |
440600000009338 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
manufacturing and selling
of insulation containers including all kinds of water jug and thermos |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
|
With financials |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china ECONOMIC OVERVIEW
Since the late 1970s China has
moved from a closed, centrally planned system to a more market-oriented one
that plays a major global role - in 2010 China became the world's largest exporter.
Reforms began with the phasing out of collectivized agriculture, and expanded
to include the gradual liberalization of prices, fiscal decentralization,
increased autonomy for state enterprises, creation of a diversified banking
system, development of stock markets, rapid growth of the private sector, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors it considers important to "economic
security," explicitly looking to foster globally competitive national
champions. After keeping its currency tightly linked to the US dollar for
years, in July 2005 China revalued its currency by 2.1% against the US dollar and
moved to an exchange rate system that references a basket of currencies. From
mid 2005 to late 2008 cumulative appreciation of the renminbi against the US
dollar was more than 20%, but the exchange rate remained virtually pegged to
the dollar from the onset of the global financial crisis until June 2010, when
Beijing allowed resumption of a gradual appreciation. The restructuring of the
economy and resulting efficiency gains have contributed to a more than tenfold
increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, China in 2012 stood as the second-largest
economy in the world after the US, having surpassed Japan in 2001. The dollar
values of China's agricultural and industrial output each exceed those of the
US; China is second to the US in the value of services it produces. Still, per
capita income is below the world average. The Chinese government faces numerous
economic challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to under 8% for 2012. An economic slowdown in Europe contributed to China's,
and is expected to further drag Chinese growth in 2013. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
|
Source : CIA |
Company name & address
FOSHAN HUAXING THERMOS Co., Ltd.
NO. 41 BAIYE
AVENUE, XIQIAO TECHNOLOGY INDUSTriAL PARK, XIQIAO TOWN, NANHAI DISTRICT,
FOSHAN, GUANGDONG PROVINCE, 528211 PR CHINA
TEL: 86 (0)
757-86858868 FAX: 86 (0)
757-86858511
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 9, 2002
REGISTRATION NO. : 440600000009338
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MR. TAN YUANTIAN (CHAIRMAN)
STAFF STRENGTH : 200
REGISTERED CAPITAL :
CNY 8,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 113,572,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 18,332,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly good (AS OF DEC. 31, 2010)
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.12 = USD 1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan. 9, 2002.
Company Status: Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered
business scope includes processing and manufacturing insulation containers,
plastic products, metal products, electrical products; exporting self-made
products and technology; importing raw and auxiliary materials, instruments,
machinery and equipment, spare parts and technology used for self-production
(excluding the goods prohibited or limited by the country, not separate listed
trade).
SC is mainly
engaged in manufacturing and selling insulation containers.
Mr. Tan Yuantian has been legal representative and chairman of
SC since 2002.
SC is known
to have approx. 200 employees at present.
SC
is currently operating at the above stated address,
and this address houses its operating office in the industrial zone of Foshan. Our checks reveal that SC freely uses the total
premise about 20,000 square meters.
http://www.nhhuaxing.com/
The design
is professional and the content is well organized. At present it is in Chinese
and English versions.
E-mail: sales@nhhuaxing.com
Changes
of its registered information:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2003-10-15 |
Company name |
Nanhai Huaxing Thermos Co., Ltd. |
Present one |
|
2004-4-2 |
Registration No. |
4406822003605 |
4406041000702 |
|
2004-11-01 |
Registered capital |
CNY 3,000,000 |
CNY
5,000,000 |
|
Shareholding |
Tan Yuanzhao 15%; Tan Yuantian 85% |
Tan Yuanzhao 10%; Tan Yuantian 90% |
|
|
2006-10-27 |
Shareholders |
Tan Yuanzhao 10%; Tan Yuantian 90% |
Tan Qiqing 10%; Tan Yuantian 90% |
|
2007-4-28 |
Registered capital |
CNY 5,000,000 |
Present amount |
|
2008-4-11 |
Registration No. |
4406041000702 |
Present one |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Tan Qiqing ID#
440682198603035081 10
Tan Yuantian ID#
440622601224501 90
Legal
representative and chairman:
Mr. Tan Yuantian, ID# 440622601224501, born in 1960. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and legal representative
SC is mainly
engaged in manufacturing and selling insulation containers.
SC’s products mainly include all kinds of water
jug and thermos.
SC sources its materials 100%
from domestic market. SC sells 30% of its products to overseas market and 70%
in domestic market.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note:
SC’s management declined to release its major suppliers and clients.
SC
is not known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent
payment record: None in our database.
Debt collection record: No overdue amount owed by SC was placed to us for
collection within the last 6 years.
SC’s accountant declined
to release its bank details.
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Total Liabilities |
10,904 |
13,391 |
|
Shareholders equities |
16,858 |
18,332 |
|
Total Assets |
27,762 |
31,723 |
|
|
------------------ |
------------------ |
|
Turnover |
90,938 |
113,572 |
|
Profit before tax |
2,642 |
2,892 |
|
Net profit |
1,401 |
1,453 |
Note:
SC’s management declined to release the latest financial information.
Important
Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Liabilities
to assets |
0.39 |
0.42 |
|
*Net profit
margin (%) |
1.54 |
1.28 |
|
*Return on
total assets (%) |
5.05 |
4.58 |
|
*Turnover/Total
assets |
3.28 |
3.58 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears fairly good in its line, and it increased in 2010.
l SC’s net profit
margin is average.
l SC’s return on
total assets is fairly good.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: FAIRLY GOOD.
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
UK Pound |
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.